The best way from the Beijing airport to Peking International Youth Hostel

We are arriving late at night (10:35 PM) and would like to know the best way to get to the Peking International Youth Hostel which is located at next to the Forbidden City and close to Tiananmen? The address is listed as No.5 Beichizi 2(Er)tiao, Dongcheng District, Beijing 100006.

We are told a taxi cost $30 for the two of us, but that seems a little expensive even if it is in the dead of night ... then I also hear it was 70 yuan plus 10 for the toll?!!

Thanks in advance for you assistance, Roy & Lynn